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by Stockbrokers, which should be considered as information concerning likely
market behaviour rather than advice on the securities mentioned. Do not
act on the contents of this Report without first reading the important information
included at the end.

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The broker has marked its wealth manager valuations to market ahead of results season.

AMP offers a de-risked Life division and a transition to a higher growth, less capital intensive business which the broker believes should drive a re-rating. As valuation is undemanding on a 6% yield, AMP is the broker's preference in the space. Overweight retained, target rises to $5.85 from $5.70.

Industry view: In-line.

Target price is $5.85 Current Price is $4.99 Difference: $0.86If AMP meets the Morgan Stanley target it will return approximately 17%(excluding dividends, fees and charges).

Morgan Stanley forecasts a full year FY16 dividend of 28.00 cents and EPS of minus 9.00 cents.At the last closing share price the estimated dividend yield is 5.61%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 55.44.

Current consensus DPS estimate is 28.3, implying a prospective dividend yield of 5.7%.

Current consensus EPS estimate suggests the PER is 35.2.

Forecast for FY17:

Morgan Stanley forecasts a full year FY17 dividend of 30.00 cents and EPS of 34.00 cents.At the last closing share price the estimated dividend yield is 6.01%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.68.

The broker has increased Bendelaide forecast earnings by 5% thanks to a better Homesafe contribution. But after a 30% run-up for the stock price, the broker sees valuation as stretched, requiring a strong result next month.

The bank's payout ratio is elevated and there is no surplus capital. The broker sees declining margins and believes Homesafe revenues to be unsustainable.

Morgan Stanley forecasts a full year FY17 dividend of 68.00 cents and EPS of 83.00 cents.At the last closing share price the estimated dividend yield is 5.41%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.16.

Current consensus DPS estimate is 68.3, implying a prospective dividend yield of 5.4%.

Current consensus EPS estimate suggests the PER is 14.7.

Forecast for FY18:

Morgan Stanley forecasts a full year FY18 dividend of 68.00 cents and EPS of 85.00 cents.At the last closing share price the estimated dividend yield is 5.41%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.80.

The stock is observed to be trading at a steep 25% discount to the All Industrials ex-financials on FY18 price/earnings estimates, which is significantly below the historical trading range.

UBS believes this is largely attributable to the proposed acquisition of Headwaters, reflecting the size of the transaction and concerns around coal-linked fly ash and regulatory approvals.

The catalysts that is expected to drive a re-rating towards the broker's price target include regulatory approvals, delivery on FY17 expectations and evidence of synergy execution. UBS re-initiates coverage with a Buy rating and $6.90 target.

Target price is $6.90 Current Price is $5.55 Difference: $1.35If BLD meets the UBS target it will return approximately 24%(excluding dividends, fees and charges).

UBS forecasts a full year FY17 dividend of 19.70 cents and EPS of 32.90 cents.At the last closing share price the estimated dividend yield is 3.55%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.87.

Current consensus DPS estimate is 23.6, implying a prospective dividend yield of 4.1%.

Current consensus EPS estimate suggests the PER is 16.6.

Forecast for FY18:

UBS forecasts a full year FY18 dividend of 23.40 cents and EPS of 39.00 cents.At the last closing share price the estimated dividend yield is 4.22%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.23.

Citi finds the sudden profit warning, and in particular the lack of clarity on FY17 guidance "concerning". But the analysts also think this should prove no more than a temporary blip in an otherwise solid long term growth story.

As such, the shellacking the shares received yesterday are labeled an "over-reaction". Citi sticks to its Buy rating and lowers the valuation/target to $12.33 from $13.89.

Target price is $12.33 Current Price is $10.34 Difference: $1.99If BXB meets the Citi target it will return approximately 19%(excluding dividends, fees and charges).

Citi forecasts a full year FY17 dividend of 28.26 cents and EPS of 51.03 cents.At the last closing share price the estimated dividend yield is 2.73%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.26.

Current consensus DPS estimate is 33.2, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 18.3.

Forecast for FY18:

Citi forecasts a full year FY18 dividend of 28.26 cents and EPS of 56.12 cents.At the last closing share price the estimated dividend yield is 2.73%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.42.

Deutsche Bank forecasts a full year FY17 dividend of 29.47 cents and EPS of 52.24 cents.At the last closing share price the estimated dividend yield is 2.85%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.79.

Current consensus DPS estimate is 33.2, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 18.3.

Forecast for FY18:

Deutsche Bank forecasts a full year FY18 dividend of 29.47 cents and EPS of 58.93 cents.At the last closing share price the estimated dividend yield is 2.85%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.55.

Current consensus DPS estimate is 35.2, implying a prospective dividend yield of 3.4%.

Current consensus EPS estimate suggests the PER is 16.6.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UPDATED

Macquarie rates BXB as Outperform (1) -

The company has announced it does not expect to reach FY17 guidance for constant currency, underlying sales growth of 7-9% and underlying profit growth of 9-11%.

Macquarie considers the share price reaction excessive, in the light of the strong growth outlook and what are short-term rather than structural concerns. The company has noted the impact of de-stocking by US retailers, which has impacted margins via increased pallet repair, storage and transport costs.

Following the fall in the share price, Macquarie considers the stock a good buying opportunity and maintains an Outperform rating. Target is reduced to $12.65.

Target price is $12.65 Current Price is $10.34 Difference: $2.31If BXB meets the Macquarie target it will return approximately 22%(excluding dividends, fees and charges).

Macquarie forecasts a full year FY17 dividend of 31.34 cents and EPS of 56.93 cents.At the last closing share price the estimated dividend yield is 3.03%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.16.

Current consensus DPS estimate is 33.2, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 18.3.

Forecast for FY18:

Macquarie forecasts a full year FY18 dividend of 34.83 cents and EPS of 63.49 cents.At the last closing share price the estimated dividend yield is 3.37%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.29.

Current consensus DPS estimate is 35.2, implying a prospective dividend yield of 3.4%.

Current consensus EPS estimate suggests the PER is 16.6.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates BXB as Equal-weight (3) -

Brambles' guidance downgrade effectively means a 7% miss of the prior midpoint. The broker is surprised at the downgrade, noting positive US sales and inventory data, suggesting something else is amiss.

This implies further downside risk, but Brambles is now trading on a PE discount to the sector that is the biggest in five years. Hence the broker retains Equal-weight. Target falls to $11.34 from $13.47. Industry view: Attractive.

Target price is $11.34 Current Price is $10.34 Difference: $1If BXB meets the Morgan Stanley target it will return approximately 10%(excluding dividends, fees and charges).

Morgan Stanley forecasts a full year FY17 dividend of 36.70 cents and EPS of 58.93 cents.At the last closing share price the estimated dividend yield is 3.55%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.55.

Current consensus DPS estimate is 33.2, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 18.3.

Forecast for FY18:

Morgan Stanley forecasts a full year FY18 dividend of 46.34 cents and EPS of 66.97 cents.At the last closing share price the estimated dividend yield is 4.48%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.44.

Current consensus DPS estimate is 35.2, implying a prospective dividend yield of 3.4%.

Current consensus EPS estimate suggests the PER is 16.6.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates BXB as Upgrade to Buy from Neutral (1) -

A lack of disclosure and a poor explanation from management for the surprise downgrade to guidance has driven a sharp correction in the share price, UBS observes.

The impact of US retailer de-stocking experienced in December is without anecdotal support and how long the impact continues is uncertain. The broker notes the company is waiting to see January numbers before assessing the likely full year impact.

UBS takes the view that the de-stocking represents a one-off step change in earnings. Despite the uncertainty, UBS believes the business model is intact and upgrades to Buy from Neutral. Target is reduced to $11.60 from $12.60.

Target price is $11.60 Current Price is $10.34 Difference: $1.26If BXB meets the UBS target it will return approximately 12%(excluding dividends, fees and charges).

UBS forecasts a full year FY17 dividend of 38.84 cents and EPS of 72.33 cents.At the last closing share price the estimated dividend yield is 3.76%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.30.

Current consensus DPS estimate is 33.2, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 18.3.

Forecast for FY18:

UBS forecasts a full year FY18 dividend of 44.20 cents and EPS of 80.36 cents.At the last closing share price the estimated dividend yield is 4.27%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.87.

The broker has marked its wealth manager valuations to market ahead of results season.

The broker retains Equal-weight on Challenger, which has managed to retain margins and book growth despite market volatility, falling yields and competition from term deposits, thanks to help from regulation and a broadening footprint. Target rises to $10.50 from $9.70.

Industry view: In-line.

Target price is $10.50 Current Price is $10.81 Difference: minus $0.31(current price is over target). If CGF meets the Morgan Stanley target it will return approximately minus 3%(excluding dividends, fees and charges - negative figures indicate an expected loss).

Morgan Stanley forecasts a full year FY17 dividend of 35.80 cents and EPS of 66.40 cents.At the last closing share price the estimated dividend yield is 3.31%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.28.

Current consensus DPS estimate is 34.5, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 16.8.

Forecast for FY18:

Morgan Stanley forecasts a full year FY18 dividend of 38.90 cents and EPS of 72.30 cents.At the last closing share price the estimated dividend yield is 3.60%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.95.

Credit Suisse has reviewed the growth drivers which should assist the company's earnings over the next few years. The broker's forecasts assume around 30% growth in net profit by FY19. Consensus forecasts are considered to be too low.

Credit Suisse highlights that higher rates account for only a small part of its forecast earnings growth for Computershare. An Outperform rating is retained. Target is $13.25.

Target price is $13.25 Current Price is $12.46 Difference: $0.79If CPU meets the Credit Suisse target it will return approximately 6%(excluding dividends, fees and charges).

Credit Suisse forecasts a full year FY17 dividend of 45.54 cents and EPS of 71.97 cents.At the last closing share price the estimated dividend yield is 3.65%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.31.

Current consensus DPS estimate is 36.6, implying a prospective dividend yield of 2.9%.

Current consensus EPS estimate suggests the PER is 18.0.

Forecast for FY18:

Credit Suisse forecasts a full year FY18 dividend of 50.90 cents and EPS of 83.51 cents.At the last closing share price the estimated dividend yield is 4.08%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.92.

Credit Suisse reviews the Caltex/Mobil failed bid from 2009. In this light, the broker considers the BP/Woolworths ((WOW)) marriage is bad for the consumer and it is hard to see how the transaction would not put upward pressure on retail margins.

The upside risk is a failure of BP's bid, or even delays, which would have a material positive impact on Caltex earnings. Nevertheless, ultimately, Credit Suisse expects the deal is likely to proceed.

Outperform retained. Target is $39.70.

Target price is $39.70 Current Price is $30.00 Difference: $9.7If CTX meets the Credit Suisse target it will return approximately 32%(excluding dividends, fees and charges).

Credit Suisse forecasts a full year FY16 dividend of 103.00 cents and EPS of 205.00 cents.At the last closing share price the estimated dividend yield is 3.43%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.63.

Current consensus DPS estimate is 102.5, implying a prospective dividend yield of 3.4%.

Current consensus EPS estimate suggests the PER is 14.8.

Forecast for FY17:

Credit Suisse forecasts a full year FY17 dividend of 116.00 cents and EPS of 232.00 cents.At the last closing share price the estimated dividend yield is 3.87%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.93.

Macquarie suspects the construction cycle in New Zealand is close to historical peaks in terms of volumes, so margin expansion is the key to the company's performance from here. However, nominal pricing for manufactured building/construction products remains weak.

The company's strategy to diversify away from manufacturing is a logical response but the broker believes it increases the risk profile of the group.

On this basis, the broker retains an Underperform rating. Target is NZ$8.07.

Macquarie forecasts a full year FY17 dividend of 37.51 cents and EPS of 58.61 cents.At the last closing share price the estimated dividend yield is 3.79%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.89.

Current consensus DPS estimate is 40.3, implying a prospective dividend yield of 4.1%.

Current consensus EPS estimate suggests the PER is 15.4.

Forecast for FY18:

Macquarie forecasts a full year FY18 dividend of 38.45 cents and EPS of 57.11 cents.At the last closing share price the estimated dividend yield is 3.88%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.34.

Credit Suisse believes the company is committed to reducing its print exposure and 2017 could be a year of significant progress. Growth at Domain is expected to re-accelerate, driven by easing listing headwinds and price increases.

The broker introduces a bull/bear case valuation methodology. The bull case valuation is $1.50 and the bear case $0.79. The share price risk is, therefore, significantly weighted to the upside, in the broker's view.

Credit Suisse retains an Outperform rating and $1.10 target.

Target price is $1.10 Current Price is $0.86 Difference: $0.245If FXJ meets the Credit Suisse target it will return approximately 29%(excluding dividends, fees and charges).

Credit Suisse forecasts a full year FY17 dividend of 4.00 cents and EPS of 5.87 cents.At the last closing share price the estimated dividend yield is 4.68%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.0, implying annual growth of N/A.

Current consensus DPS estimate is 3.9, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 14.2.

Forecast for FY18:

Credit Suisse forecasts a full year FY18 dividend of 4.00 cents and EPS of 5.69 cents.At the last closing share price the estimated dividend yield is 4.68%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.03.

Morgans forecasts a full year FY17 dividend of 29.00 cents and EPS of 59.00 cents.At the last closing share price the estimated dividend yield is 3.11%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.78.

Current consensus DPS estimate is 27.1, implying a prospective dividend yield of 2.9%.

Current consensus EPS estimate suggests the PER is 15.6.

Forecast for FY18:

Morgans forecasts a full year FY18 dividend of 30.00 cents and EPS of 60.00 cents.At the last closing share price the estimated dividend yield is 3.22%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.52.

The broker has marked its wealth manager valuations to market ahead of results season.

IOOF is "running hard to stand still", the broker suggests, and beholden to market movements beyond any M&A and synergies. A strong balance sheet does suggest to the broker that in the absence of M&A, a buyback is possible. Equal-weight retained. Target rises to $8.80 from $8.00.

Industry view: In-line.

Target price is $8.80 Current Price is $9.09 Difference: minus $0.29(current price is over target). If IFL meets the Morgan Stanley target it will return approximately minus 3%(excluding dividends, fees and charges - negative figures indicate an expected loss).

Morgan Stanley forecasts a full year FY17 dividend of 51.50 cents and EPS of 57.40 cents.At the last closing share price the estimated dividend yield is 5.67%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.84.

Current consensus DPS estimate is 53.2, implying a prospective dividend yield of 5.8%.

Current consensus EPS estimate suggests the PER is 16.1.

Forecast for FY18:

Morgan Stanley forecasts a full year FY18 dividend of 56.50 cents and EPS of 63.20 cents.At the last closing share price the estimated dividend yield is 6.22%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.38.

The packaging company is envisaged set to return to positive organic growth as the macroeconomic headwinds in agriculture, dairy and mining ease. Ord Minnett initiates coverage of the stock with a Accumulate rating and $7.05 target.

The return of organic growth, coupled with the full benefit of the 2015 efficiency program and earnings from acquisitions, are expected to help the company deliver the highest level of earnings growth across the broker's packaging coverage.

Target price is $7.05 Current Price is $6.51 Difference: $0.54If PGH meets the Ord Minnett target it will return approximately 8%(excluding dividends, fees and charges).

Ord Minnett forecasts a full year FY17 dividend of 24.00 cents and EPS of 36.00 cents.At the last closing share price the estimated dividend yield is 3.69%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.08.

Current consensus DPS estimate is 24.4, implying a prospective dividend yield of 3.6%.

Current consensus EPS estimate suggests the PER is 18.3.

Forecast for FY18:

Ord Minnett forecasts a full year FY18 dividend of 28.00 cents and EPS of 43.00 cents.At the last closing share price the estimated dividend yield is 4.30%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.14.

The company disclosed a 4.9% interest in Charter Hall Retail ((CQR)) with the stated purpose of reinvesting the proceeds from the sale of its NZ portfolio in complimentary assets to fill a temporary earnings void.

It appears to Ord Minnett that the company may look to leverage the stake to effect a transaction involving either a merger or takeover of management rights, but the stockbroker believes the company will struggle to advance on either front.

Ord Minnett believes investors would be better served by controlling their own allocations between the stocks, keeping the vehicles separate. Accumulate recommendation retained. Target is $2.36.

Target price is $2.36 Current Price is $2.17 Difference: $0.19If SCP meets the Ord Minnett target it will return approximately 9%(excluding dividends, fees and charges).

Ord Minnett forecasts a full year FY17 dividend of 13.00 cents and EPS of 15.00 cents.At the last closing share price the estimated dividend yield is 5.99%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.47.

Current consensus DPS estimate is 12.9, implying a prospective dividend yield of 5.9%.

Current consensus EPS estimate suggests the PER is 15.2.

Forecast for FY18:

Ord Minnett forecasts a full year FY18 dividend of 14.00 cents and EPS of 15.00 cents.At the last closing share price the estimated dividend yield is 6.45%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.47.

Following a change of analyst, Credit Suisse resumes coverage of the stock with an Outperform rating and $4.10 target. The broker considers the deal with CapRock is transformative at an attractive price.

FY17 and FY18 earnings per share estimates are raised by 1% and 16% respectively. While there is substantial upside if the company can successfully integrate the new business the broker recognises several potential risks including ongoing energy sector weakness, a stretched balance sheet and potential price erosion in end-user markets.

Target price is $4.10 Current Price is $3.65 Difference: $0.45If SDA meets the Credit Suisse target it will return approximately 12%(excluding dividends, fees and charges).

Credit Suisse forecasts a full year FY16 dividend of 9.26 cents and EPS of 18.24 cents.At the last closing share price the estimated dividend yield is 2.54%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.01.

Current consensus DPS estimate is 7.1, implying a prospective dividend yield of 1.9%.

Current consensus EPS estimate suggests the PER is 21.8.

Forecast for FY17:

Credit Suisse forecasts a full year FY17 dividend of 14.43 cents and EPS of 26.94 cents.At the last closing share price the estimated dividend yield is 3.95%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.55.

Citi analysts have updated their analysis and there's now an expectation the company's interim report is poised for disappointment. Estimates have been reduced by no less than -30% for this year and next.

Citi forecasts a full year FY17 dividend of 4.00 cents and EPS of 8.60 cents.At the last closing share price the estimated dividend yield is 4.06%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.45.

Current consensus DPS estimate is 6.5, implying a prospective dividend yield of 6.7%.

Current consensus EPS estimate suggests the PER is 9.8.

Forecast for FY18:

Citi forecasts a full year FY18 dividend of 4.00 cents and EPS of 8.90 cents.At the last closing share price the estimated dividend yield is 4.06%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.07.

Santos' 2016 production came in at the high end of guidance. Costs continue to trend lower, with cash flow breakeven now at US$38/bbl, the broker notes, down from $47/bbl at the beginning of the year. If the trend continues, the broker would expect an upgrade to reserves, particularly in the Cooper.

With the bulk of cost-outs being structural rather than cyclical, the broker believes Santos is at the start of a turnaround story. Overweight retained. Target dips to $4.96 from $5.17.

Target price is $4.96 Current Price is $4.02 Difference: $0.94If STO meets the Morgan Stanley target it will return approximately 23%(excluding dividends, fees and charges).

Morgan Stanley forecasts a full year FY16 dividend of 1.34 cents and EPS of 5.36 cents.At the last closing share price the estimated dividend yield is 0.33%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 75.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.2, implying annual growth of N/A.

Current consensus DPS estimate is 0.2, implying a prospective dividend yield of 0.1%.

Current consensus EPS estimate suggests the PER is 124.8.

Forecast for FY17:

Morgan Stanley forecasts a full year FY17 dividend of 4.02 cents and EPS of 10.72 cents.At the last closing share price the estimated dividend yield is 1.00%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.52.

Citi forecasts a full year FY17 dividend of 76.00 cents and EPS of 95.40 cents.At the last closing share price the estimated dividend yield is 5.88%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.54.

Current consensus DPS estimate is 75.6, implying a prospective dividend yield of 5.9%.

Current consensus EPS estimate suggests the PER is 13.6.

Forecast for FY18:

Citi forecasts a full year FY18 dividend of 80.00 cents and EPS of 99.40 cents.At the last closing share price the estimated dividend yield is 6.19%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.00.

Current consensus DPS estimate is 77.6, implying a prospective dividend yield of 6.0%.

Current consensus EPS estimate suggests the PER is 13.3.

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UPDATED

Ord Minnett rates SUN as Accumulate (2) -

The company has updated on natural peril claims costs for the first half as well as of the disposal of its NZ motor insurance business. Natural hazard claims costs will be $40m above the half-year allowance of $310m.

Ord Minnett notes the upward revision to over-claims but considers the net amount small, although there is a risk that any further increases will erode reinsurance layers that are less well covered. The broker retains an Accumulate rating and $14.60 target.

Target price is $14.60 Current Price is $12.92 Difference: $1.68If SUN meets the Ord Minnett target it will return approximately 13%(excluding dividends, fees and charges).

Ord Minnett forecasts a full year FY17 dividend of 66.00 cents and EPS of 83.00 cents.At the last closing share price the estimated dividend yield is 5.11%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.57.

Current consensus DPS estimate is 75.6, implying a prospective dividend yield of 5.9%.

Current consensus EPS estimate suggests the PER is 13.6.

Forecast for FY18:

Ord Minnett forecasts a full year FY18 dividend of 73.00 cents and EPS of 98.00 cents.At the last closing share price the estimated dividend yield is 5.65%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.18.

Current consensus DPS estimate is 77.6, implying a prospective dividend yield of 6.0%.

Current consensus EPS estimate suggests the PER is 13.3.

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates SUN as Buy (1) -

The company has provided a natural hazard cost update as well as details on the NZ motor business disposal.

UBS notes the details signal that the $40m of catastrophe costs above the $310m allowance for the half, while insignificant in terms of net profit, suggest that "over-cap" claims for the February 2011 earthquake surged again towards the end of 2016.

A Buy rating is maintained. Target is steady at $14.25.

Target price is $14.25 Current Price is $12.92 Difference: $1.33If SUN meets the UBS target it will return approximately 10%(excluding dividends, fees and charges).

UBS forecasts a full year FY17 dividend of 80.00 cents and EPS of 100.00 cents.At the last closing share price the estimated dividend yield is 6.19%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.92.

Current consensus DPS estimate is 75.6, implying a prospective dividend yield of 5.9%.

Current consensus EPS estimate suggests the PER is 13.6.

Forecast for FY18:

UBS forecasts a full year FY18 dividend of 84.00 cents and EPS of 101.00 cents.At the last closing share price the estimated dividend yield is 6.50%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.79.

As Village Roadshow has reported attendance at its Theme Parks has been adversely impacted by Dreamworld’s incident over at competitor Ardent Leisure ((AAD)), Citi analysts have downgraded to Neutral from Buy. Citi analysts estimate Village’s total theme park attendance is down -6% since the incident.

The stockbroker finds the short term outlook clouded, with the impact on the international and interstate customers yet to reveal itself. Estimates have been cut. Price target falls to $3.85 (was $5.40) also taking into account lower valuation multiples.

Target price is $3.85 Current Price is $4.03 Difference: minus $0.18(current price is over target). If VRL meets the Citi target it will return approximately minus 4%(excluding dividends, fees and charges - negative figures indicate an expected loss).

Citi forecasts a full year FY17 dividend of 24.00 cents and EPS of 26.30 cents.At the last closing share price the estimated dividend yield is 5.96%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.32.

Current consensus DPS estimate is 27.0, implying a prospective dividend yield of 6.8%.

Current consensus EPS estimate suggests the PER is 16.9.

Forecast for FY18:

Citi forecasts a full year FY18 dividend of 28.00 cents and EPS of 30.80 cents.At the last closing share price the estimated dividend yield is 6.95%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.08.

Current consensus DPS estimate is 27.4, implying a prospective dividend yield of 6.9%.

Current consensus EPS estimate suggests the PER is 12.2.

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Deutsche Bank rates VRL as Buy (1) -

Deutsche Bank continues to believe that the long-term positive structural drives for Village Roadshow will compensate for any near-term impact from the Dreamworld incident.

The more relevant concern for the broker is the high level of gearing and weak free cash flow. Deutsche Bank envisages the need to reduce debt through asset sales or an equity issue, and considers the company has meaningful latent asset value which could deliver valuation upside through divestment.

Buy retained. Target slips to $4.60 from $4.75.

Target price is $4.60 Current Price is $4.03 Difference: $0.57If VRL meets the Deutsche Bank target it will return approximately 14%(excluding dividends, fees and charges).

Deutsche Bank forecasts a full year FY17 dividend of 28.00 cents and EPS of 24.00 cents.At the last closing share price the estimated dividend yield is 6.95%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.79.

Current consensus DPS estimate is 27.0, implying a prospective dividend yield of 6.8%.

Current consensus EPS estimate suggests the PER is 16.9.

Forecast for FY18:

Deutsche Bank forecasts a full year FY18 dividend of 30.00 cents and EPS of 32.00 cents.At the last closing share price the estimated dividend yield is 7.44%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.59.

Current consensus DPS estimate is 27.4, implying a prospective dividend yield of 6.9%.

Current consensus EPS estimate suggests the PER is 12.2.

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates VRL as Neutral (3) -

At this juncture, Macquarie is not convinced the first half result will provide enough of a catalyst for the stock to re-rate and retains a Neutral rating.

Theme parks and film distribution are expected to have weak results, and cinema exhibition is the main unknown in the broker's view, following a flat box office and slowing momentum. The target is reduced to $4.18 from $4.70.

Target price is $4.18 Current Price is $4.03 Difference: $0.15If VRL meets the Macquarie target it will return approximately 4%(excluding dividends, fees and charges).

Macquarie forecasts a full year FY17 dividend of 28.00 cents and EPS of 28.10 cents.At the last closing share price the estimated dividend yield is 6.95%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.34.

Current consensus DPS estimate is 27.0, implying a prospective dividend yield of 6.8%.

Current consensus EPS estimate suggests the PER is 16.9.

Forecast for FY18:

Macquarie forecasts a full year FY18 dividend of 24.00 cents and EPS of 34.30 cents.At the last closing share price the estimated dividend yield is 5.96%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.75.

RATING SUMMARY

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